Teagasc forecasts milk prices in Ireland to fall by 15% in 2023

Published 2022년 12월 13일

Tridge summary

Teagasc's Economic Outlook for Irish Agriculture report for 2023 predicts a decrease in milk prices by 15% due to an increase in global milk production, despite high production costs for Irish dairy farms. The average milk price for 2022 was approximately 44% higher than in 2021, but total production costs per litre rose by around 30%. The report anticipates that dairy farms will operate a favourable milk price in 2023, which should cover the increased production costs, although margins and total production costs will be lower than in 2022. Irish milk production is expected to grow by 4% in 2023.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

A resumption in global milk production will dampen demand growth and drive down milk prices by 15% in 2023, Teasgasc has forecast. In its latest Economic Outlook for Irish Agriculture report, published today (Tuesday, December 13), Teagasc highlighted the prospects for the dairy sector in 2023. Teagasc outlined in the report that 2022 had been a challenging year for dairy farming with higher-than-before input costs experienced by farmers. It also highlighted the impact of the sharp cost inflation in the general economy which has stemmed from the war in Ukraine. Dairy sector However, specific to the dairy sector, Teagasc said these factors were balanced out by unprecedented milk prices that dairy farmers had received. The latest Teagasc outlook report reviewed milk prices for 2022, and outlined that the average milk price for 2022 increased by approximately 44% on 2021 levels. Advertisement Although the average dairy farm experienced no growth in milk production, total production ...

Source: AgriLand